Investors pocket profits in wake of AUO-driven rally

AFP , TAIPEI

Share prices closed 0.14 percent lower yesterday after an early rally driven by results from AU Optronics Corp (友達光電) gave way to late profit-taking, dealers said.

They said remarks on Taiwan made by US President George W. Bush and his guest in Washington, Chinese President Hu Jintao (胡錦濤), contained no surprises, leaving investors to focus on purely local leads in heavy trading.

He said the local bourse should be bolstered by the prospects for major international markets as well as positive domestic fundamentals and ample liquidity.

"The market's short-term consolidation will not affect its bright medium-term picture," Tang said.

AU Optronics closed flat at NT$54.20, off a high of NT$56.40, after it announced on Thursday a net profit of NT$6.65 billion for the first quarter, compared with NT$11.47 billion in the preceding quarter and a net loss of NT$2.13 billion in the first quarter of last year.